Japan denies rejecting EU plan to seize frozen Russian assets
Photo: Japan's Deputy Finance Minister Atsushi Mimura (Getty Images)
Japan’s Ministry of Finance has denied reports that Tokyo allegedly rejected the European Union’s proposal to confiscate frozen Russian assets, according to Reuters.
Japan’s Deputy Finance Minister for International Affairs, Atsushi Mimura, commented on media reports claiming that Japan refused to support the confiscation of Russia’s frozen assets.
"It's completely false," he said.
Mimura noted that Japan has always acted in Ukraine’s interests based on its own national interests, since, he added, one day it "may face a similar situation in East Asia."
What is known about Japan’s alleged refusal
Previously, Politico reported that Japan refused to support the EU initiative to use frozen Russian assets for the benefit of Ukraine. In doing so, Japan effectively derailed Brussels’ attempt to secure global backing.
The publication cited two European diplomats. They said that during a meeting of G7 finance ministers, Tokyo made it clear that, due to legal constraints, it would not use Russian assets frozen in Japan to provide a loan to Ukraine. The sum in question is about 30 billion dollars.
Reparations loan for Ukraine
As a reminder, the European Commission had earlier proposed granting Ukraine a so-called reparations loan, backed by frozen Russian assets.
Its approval requires unanimous support from all EU member states. Currently, the initiative is blocked by Belgium, the country where the largest share of frozen Russian assets is held.
Brussels is wary of legal risks and has not yet approved the plan. The European Commission insists that it has already taken into account nearly all of Belgium’s concerns and has prepared an updated proposal.
